New Delhi: HAL signed a Memorandum of Understanding (MoU) for the financial year 2017-18 with Ministry of Defence (MoD) in Delhi yesterday. The annual MoU was signed between Mr Ashok Kumar Gupta, Secretary, Department of Defence Production and Mr T Suvarna Raju, CMD-HAL.

The MoU outlines targets on various performance parameters of the Company during the year 2017-18. The revenue from operations has been targeted at Rs. 17,900 crores, the highest ever. The Company has also laid specific emphasis on capacity building, modernization, solar power plants, aiming to achieve capital expenditure of Rs.1300 crores.

Among the important milestones targeted to be achieved include clearance by DGCA for civil version of Do-228 aircraft, Jaguar DARIN-III Upgrade and Mirage 2000 Upgrade. The Company also aims to achieve 5% increase in indigenous content through indigenisation under Make-in-India initiatives.